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Corporate Taxes Now Part of Budget Talks (WSJ)

White House says it will consider overhauling corporate taxes as part of fiscal cliff solution.

In its latest proposal for resolving the fiscal cliff, the White House said it will consider overhauling corporate taxes as part of the deal, according to the Wall Street Journal. The Journal says the Obama administration proposal did not provide any specifics about corporate tax changes. But in February, the administration released a corporate tax proposal that included dropping the tax rate to 28% from 35%, along with eliminating some tax deductions, with the amount of taxes collected from companies remaining roughly the same.

Democrats and Republicans are talking about a two-phase fiscal cliff solution, with some tax and spending changes decided by year-end and a commitment made to enact more entitlement and tax changes next year, according to the Journal, and a corporate tax overhaul would fit into the second phase.

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